Clients lost more than £1 million, it has emerged, after a former financial adviser admitted more than 40 fraudulent offences.

Malcolm Green, from Derbyshire, pleaded guilty to 19 counts of fraud by abuse of position, 20 counts of obtaining a money transfer by deception and three counts of false accounting. Green was charged with the offences after a police investigation was conducted into the company he worked for, MG Financial Services.

Green, 57, reportedly told clients that the money they gave him was going to be invested in companies including Prudential, Scottish Mutual and Standard Life.

According to the BBC, Bill Taylor, prosecuting, said in court: “He got into financial difficulties. There was a time when he was sort of robbing Peter to pay Paul.

“Later that turned to forging documents of a financial nature to keep the business going.

“He got to 2011 and realised he could not go any further and handed himself into the police, and the police started what was a fairly large investigation.”

Mr Taylor revealed in court that 34 of the 37 clients who were conned by Green had formally complained about falling victim to his fraudulent activities. The offences reportedly began in 1992.

Green is due to appear at Derby Crown Court for sentencing on February 24.